Lucid Group (NASDAQ:LCID) has successfully completed a significant financial transaction with Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF) and Lucid's majority shareholder, based in the Kingdom of Saudi Arabia.

This move was finalized on March 29, 2024, following a subscription agreement entered into on March 24, 2024.

Under the terms of this agreement, Ayar invested a substantial $1 billion in Lucid Group by purchasing 100,000 shares of Series A Convertible Preferred Stock.

This strategic investment underscores the deepening ties between Lucid Group and its major investor.

In conjunction with this investment, Lucid Group also amended its Investor Rights Agreement to include the Third IRA Amendment on the closing date.

This amendment grants Ayar specific registration rights for the resale of both the Convertible Preferred Stock and the Common Stock that may be issued upon conversion.

These rights include provisions for piggy-back and shelf registration, ensuring Ayar has flexibility in managing its investment.